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MOL signs deal regarding LNG-fuelled bulker

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Dry Bulk,

Mitsui O.S.K. Lines, Ltd has announced the signing of a long-term contract with JFE Steel Corporation for long-term transport using an LNG-fuelled bulk carrier. Also, MOL and Nihon Shipyard Co., Ltd have reached a basic agreement on construction of the vessel, which is slated for delivery at the beginning of 2025. Under MOL's operation, the vessel will provide reliable, long-term transport of imported iron ore and coal to supply JEF Steel mills in Japan.

Compared to conventional marine fuel oil, LNG is expected to reduce emissions of carbon dioxide (CO2) which is greenhouse gas (GHG) by approximately 25 - 30%, sulfur oxide (SOx) by approximately 100%, and nitrogen oxide (NOx) by approximately 85%.

MOL positions its environmental strategy as a top priority in the management plan, and on 18 June 2021, it announced the ‘MOL Group Environmental Vision 2.1', which provides a more detailed roadmap for long-term emission reductions and sets even higher quantitative targets.

MOL set ‘Adoption of Clean Alternative Fuels’ as one of five initiatives to realise its vision, and plans to increase the number of LNG-fuelled vessels in its fleet to about 90 by 2030. It aims to further reduce GHG emissions by adopting more clean fuels, building upon LNG-fuelled vessel projects already underway with this new vessel.

MOL takes a proactive approach in its ongoing efforts to offer safe, reliable ocean transport services while working steadily to reduce the environmental impact of its business activities.

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